Marketing -Axiom Education 1

Marketing Management

Axiom Education

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MARKETING MANAGEMENT: DEFINITIONS

“Marketing is the art of selling products”

“The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer such that the product fits him and sells itself”

Ideally, marketing should result in a customer who is ready to buy

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THE SCOPE OF MARKETING

Marketing People are involved in marketing 10 types of things:

Goods

Services

Experiences

Events

Persons

Places

Properties

Organisations

Information

Ideas

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A SIMPLE MARKETING SYSTEM

Communication

Information

Goods/Services

Money

Market

(a collection of Buyers)

Industry

(a collection of sellers)

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MARKETING CONCEPTS

There are competing concepts under which organizations conduct marketing activities:

The PRODUCTION CONCEPT holds that consumers will prefer products that are widely available and inexpensive.

The PRODUCT CONCEPT holds that consumers will favor those products that offer the most quality, performance, or innovative features.

The SELLING CONCEPT holds that consumers and businesses, will ordinarily not buy enough of the organization’s products. The organization must therefore, undertake an aggressive selling and promotion effort.

The MARKETING CONCEPT holds that the key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating customer value to its chosen target markets

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THE MARKETING PROCESS

The Marketing Process consists of

Analyzing Marketing Opportunities Researching and Selecting Target Markets Designing Marketing Opportunities Planning Marketing Programs Organizing, Implementing, and Controlling the

Marketing Effort

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The Marketing Mix

7Ps – P The tools Price, Product, Promotion, Place, People, Process, Physical Environment

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Price

Pricing StrategyImportance of: knowing the market elasticity

keeping an eye on rivals

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Methods used to improve/differentiate the product to gain a competitive advantageExtension strategies

Specialised versionsNew editionsImprovements – real or otherwise!Changed packagingTechnology, etc.

Product

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Strategies to make the consumer aware of the existence of a product or service

NOT just advertising

Promotion

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The means by which products and services get from producer to consumer and where they can be accessed by the consumer

The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?)

Place

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People represent the business and they are related as such:-The image they present can be importantFirst contact often human – what is the lasting image they provide to the customer?Extent of training and knowledge of the product/service concernedMission statement – how relevant?Do staff represent the desired culture of the business?

People

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How do people consume services?What processes do they have to go through to acquire the services?Where do they find the availability of the service?

•Contact•Reminders•Registration•Subscription•Form filling•Degree of technology

Process

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The ambience, mood or physical presentation of the environmentSome Guidelines :-

Smart/shabby?Trendy/retro/modern/old fashioned?Light/dark/bright/subdued?Clean/dirty/neat?Music?Smell?

Physical Environment

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Blend of the mix depends upon:

Marketing objectivesType of productTarget marketMarket structureRivals’ behaviourGlobal issues – culture/religionMarketing positionProduct life cycle

Product Place

Price Promotion

Target Market

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THANK YOU !!